US SEC charges man they say is behind the CYNK Technology fraud
31/07/2015 21:42
WASHINGTON, July 31 (Reuters) - The U.S. Securities and
Exchange Commission filed civil fraud charges on Friday against
a man they say is behind a pump-and-dump scam involving CYNK
Technology CYNK.PK , a penny stock company that briefly rose to
a $6 billion value despite having no revenue.
The SEC said that Phillip Thomas Kueber filed a false and
misleading registration statement for the company, and then
enlisted a small group of "straw" shareholders to conceal his
control of the company's non-restricted shares.
The SEC added that Kueber failed in his attempts to cash in
the stock, however, after the SEC suspended trading in CYNK on
July 11, 2014 amid the suspicious trading activity.
(Reporting by Sarah N. Lynch; Editing by Sandra Maler)
((sarah.n.lynch@thomsonreuters.com; 202-354-5831;))
Keywords: SEC CYNK/FRAUD